WASHINGTON—American investors were steamrolled again by Beijing as the ride-hailing giant Didi Chuxing became the latest target of a clampdown by the communist regime just days after its debut on the New York Stock Exchange. A Chinese cybersecurity regulator on July 2 announced that it was conducting a review on Didi. The officials banned the ride-hailing platform from app stores, saying the company had illegally collected and used personal data. The announcement came after Didi raised $4.4 billion from global investors in one of the largest U.S. initial public offerings (IPOs) of the past decade. Didi’s stock began trading at $16.65 per share on June 30. Investors reacted on July 6 when markets opened after a long holiday weekend. Shares of Didi Global Inc. (NYSE:DIDI) decreased more than 20 percent in morning trading in New York, losing more than $15 billion in market value. U.S. lawyers are now preparing class-action lawsuits over Didi’s IPO to …
US Investors Ambushed By Beijing After Didi IPO
July 6, 2021
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BeijingBusiness & EconomyChinaChinese RegimecrackdownDidieconomyFinance & Business TiesIPOride-hailingSpecial TopicsUS
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